Equity fund managers load Reliance Industries, TCS ahead of big jump

Equity fund managers loaded shares of Reliance Industries (RIL) ahead of a big up move in the stock. According to data, equity schemes added 15.2 million shares worth Rs 15 billion in June. The stock has gained 13 per cent this month, with the Mukesh Ambani-led company’s market capitalisation breaching the coveted $100-billion mark. Fund managers also pumped in Rs 9.2 billion in Tata Consultancy Services (TCS), which is up 7.3 per cent this month. While fund managers found winners in RIL and TCS, their bets on commodity major Vedanta went awry. The stock has dropped nearly 11 per cent even as the BSE Sensex climbed to a lifetime high. Money managers also booked profits in HDFC Bank, Bajaj Finance and Kotak Mahindra Bank in June. All three stocks have seen decent gains this month.